The Council shall ascertain the total expense of the City to be provided for by levy for the fiscal year in which levy is made, and it shall make a detailed itemized estimate of the sum of money necessary to pay interest accruing on the bonded indebtedness of said City, the amount required for the several sinking funds for the reduction of the principal thereof, the amounts necessary for the support of the various departments of the City and for the improvements of its streets, alleys, avenues, and public grounds, real and personal property, contingent expenses and other expenses, together with an itemized statement of the estimated receipts other than that to be derived by the annual levy; and after receiving such estimates, and before making the levy, it shall apportion the rate thereof, including the estimated receipts, from licenses and all other sources among the several funds so ascertained and provided for, which apportionment shall be spread upon the records of this City, and in making said estimate, providing for the revenue for the fiscal years, etc., it shall be the duty of the Council to strictly observe all the provisions of chapter nine of the acts of the legislature, one thousand nine hundred and eight, entitled "An act to regulate the rate and manner of laying levies for taxation in counties, magisterial and school and independent school districts, and municipal corporations, and to provide penalties for the illegal expenditure of public moneys, incurring of illegal obligations and the laying of illegal levies by any tax levying body, and for the distribution of a portion of the school fund," and all amendments thereto, except where last the named act shall be inconsistent with this Charter as to limit of taxation.